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Jon Najarian, up 16% YTD, cashes in Brexit trade

Jon Najarian
Scott Mlyn | CNBC

Jon Najarian, the leader of the CNBC "Fast Money Halftime Report" model portfolio competition with a gain of 16 percent this year, cashed out of a profitable Brexit trade on Friday, and shared his strategy for the days ahead.

After Brits voted to break away from the European Union, Najarian took advantage of the volatility in the market to unwind nearly half of his position in the ProShares Ultra VIX Short-Term Futures ETF as the ETF rallied 30 percent.

Here's what he said to do next.